Sunk in the South Sea by Chinese iceberg

[SuperHakka]

"She's going down by the head cap'n". Check this out comparing btc to the South Sea bubble. South Sea stock had a meteoric rise like btc and promptly fell 90%.

http://www.mebanefaber.com/2013/11/26/bitcoin-vs-south-seas-stock/

Waiting for $100 to buy some btc yip yip

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[BitchicksHusband]

You mean that you can find things that failed their adoption curve?  No way...

[piramida]

yeah funny that the author put two graphs that don't look similar at all, besides that both are of growth, and concludes things from that

take any exponential graph now, for example - number of people on earth - it would be even more similar!

but nobody is running around crying "humanity is doomed". well, some crazies are, but the general consensus is it will last a while, given food production advancements...

[BitchicksHusband]

yeah funny that the author put two graphs that don't look similar at all, besides that both are of growth, and concludes things from that

take any exponential graph now, for example - number of people on earth - it would be even more similar!

but nobody is running around crying "humanity is doomed". well, some crazies are, but the general consensus is it will last a while, given food production advancements...

Actually, he liked that the "price" was the same.  Especially that it crashed right after $1000.

You know, I'm gonna say that if 50 countries went bankrupt simultaneously that bitcoin might not fare so well either.  That's kind of the way it works with things that aren't a necessity in hard times.

[SuperHakka]

wha happened to the crash. which sons of biscuits is buying? caveat emptoris! who is buying now is going to lose big.

[humanitee]

Bitcoin is definitely a stock so this is an apt comparison! Good job OP you are a bona fide genius!

[chrsjrcj]

Good god that's the dumbest graph overlay I've ever seen.

[SuperHakka]

Bitcoin is definitely a stock so this is an apt comparison! Good job OP you are a bona fide genius!

I thank ye, though you mistaken bud, btc not a stock but its a bubble all the same. this gig is like side of a snow mountain, somebody yodel loud enough and avalanche!!

[humanitee]

Bitcoin is definitely a stock so this is an apt comparison! Good job OP you are a bona fide genius!

I thank ye, though you mistaken bud, btc not a stock but its a bubble all the same. this gig is like side of a snow mountain, somebody yodel loud enough and avalanche!!

OP is so smart he doesn't provide proof or any argument whatsoever. All hail OP!

[JimboToronto]

Tulip bulbs, Ponzi, bubble, bubble, bubble.  LOL

So what low price did you sucker yourself into selling at? Under $1000?

[SuperHakka]

Tulip bulbs, Ponzi, bubble, bubble, bubble.  LOL

So what low price did you sucker yourself into selling at? Under $1000?

I sold out at average $150 I think. that's why i need 100 again to buy back in 

[JimboToronto]

Tulip bulbs, Ponzi, bubble, bubble, bubble.  LOL

So what low price did you sucker yourself into selling at? Under $1000?

I sold out at average $150 I think. that's why i need 100 again to buy back in 

OMG Why didn't you realize the folly of that and buy back in at a small loss, say around $200, when it was becoming clear that the train was leaving the station?

$100 is just a pipe dream now. Even if it goes parabolic to the point of a June 2011 or April 2013 crash, don't expect the price to fall much below $500 even in total capitulation.

Today might have been your last chance under $1000 for a while.

[SuperHakka]

OMG Why didn't you realize the folly of that and buy back in at a small loss, say around $200, when it was becoming clear that the train was leaving the station?

$100 is just a pipe dream now. Even if it goes parabolic to the point of a June 2011 or April 2013 crash, don't expect the price to fall much below $500 even in total capitulation.

Today might have been your last chance under $1000 for a while.

dude, when I sold I thought it would never go back above 250 again for a very long time, maybe a couple of years so I took my eyes off ball. when i heard it was over 500 i started getting back again but it too late by then   

i can't bring myself to buy at 1000, put yourself in my shoes bud. so i need one motherfudger of a crash to happen. I will be ready with my cash. after that its to da moon for all I care

[tonto]

All is not necessarily lost.  One can buy in now since the price will increase.  Just dust yourself off, pick yourself up, and get on this train before you're left behind it as well.
 
I sold early (to trade/buy crap) back in the $5 days, and even the $50 and $100 days.   But I'm buying back at current values because we'll see values above $10k some day.  Don't lose your cool now, get back on board!

[SuperHakka]

i can't bring myself to buy at 1000, put yourself in my shoes bud. so i need one motherfudger of a crash to happen. I will be ready with my cash. after that its to da moon for all I care

Thank you for your coins.

Yeah? I'll be buying them back at the same price, you son of a baker 

[kireinaha]

[...] one very common characteristic of bubbles is no talk of downside.  And that is all I am hearing with bitcoin today, rarely do you hear of anyone talking about the possibility of it going back to 100 or less.

And that's this thread in a nutshell!

Thanks, OP. Interesting read. I agree with the sentiment that it's not particularly fair to overlay the two graphs (but not because one is a stock and the other a store of value) but the author acknowledges as much. It is a clear reminder however that speculative mania can lead to strong crashes, which I think everyone on this subforum needs a reminder of now and then.

[WompRat]

I almost mapped Bitcoin to the South Sea graph myself - just for fun, but this lady beat me to it. Its just a conjunction of an arbitrary number in mismatched currencies, no more.

It is worth noting though that the South Sea bubble numbers are British Pound Sterling.  In today's money South Sea stock was trading at about £70,000 (over $100,000) when it crashed by about 90%.  Also worth noting is that the event that precipitated the crash was the discovery that the owners had lost all faith in the venture and dumped their stock, not some news that the South Sea company was badly managed and prone to cock ups which it was.

[UnDerDoG81]

i can't bring myself to buy at 1000, put yourself in my shoes bud. so i need one motherfudger of a crash to happen. I will be ready with my cash. after that its to da moon for all I care

And so you decided to start this thread and thought people will now start panic sell after reading it and you can buy @100$?

[jballs]

https://bitcointalk.org/index.php?topic=355406.0

[SuperHakka]

i can't bring myself to buy at 1000, put yourself in my shoes bud. so i need one motherfudger of a crash to happen. I will be ready with my cash. after that its to da moon for all I care

And so you decided to start this thread and thought people will now start panic sell after reading it and you can buy @100$?

If people panic that's your own busness. I call it as i see it, after every bubble there is fear. don't forget everybody at the end of the day is looking at their stash not in terms of btc but in terms of the hard readdies. no need to give me i'm holier than you because you are an idealist, you innit for the cash as well as the rest of us mate